Adverse biz impact of COVID-19 may drive firms to consider ‘workforce optimisation’
- By ADMIN |
- Apr 22 2020
Amid the growing concern over coronavirus pandemic, organisations in India anticipate negative impact on their business in the next six months, and for some the adverse impact may last longer, driving organisations to consider “workforce optimisation”, reveals a recent survey.
According to the COVID-19 India Readiness Survey conducted by Willis Towers Watson, 57 per cent of organisations expect a “moderate-to-large” negative impact on their business in the next six months, while 46 per cent expect this to last over a 12-months period.
“The tough economic conditions and anticipated business impact could drive organisations to consider workforce optimisation. Employers should take an emphatic and considerate approach and evaluate options such as staff redeployment, reduced working hours/days, long service leave, sabbatical, furlough, hiring freeze and voluntary pay cuts, before any serious consideration of a workforce reduction. In a post-COVID-19 world, some companies may need to re-hire and potential employees will factor in the consideration of organisational culture and how companies have treated their employees during the crisis”, said Rohit Jain, Head of India, Willis Towers Watson.
The survey found that 19 per cent expect an adverse impact to last over a two-year period, while only 5 per cent of organisations expect a positive business impact within the next 12 to 24 months.
As per the survey, almost one in three respondents believe that their 2020 annual bonus for executives and employees will be impacted, while 17 per cent expect an impact on their 2020 Long Term Incentive plans.
Moreover, 42 per cent of respondents have not taken a decision on salary increment budgets for this year, while 33 per cent indicated that performance appraisals and bonus pay-outs will happen as planned.
Also, 77 per cent said that there will be no deduction in salaries and 53 per cent responded that there have been no adjustments to the sales incentive pay-outs.
The survey also shed a light on work-from-home policy. It was observed 83 per cent of organisations plan to review their work-from-home policy, and 46 per cent indicated that they would reimburse employees the expenses incurred for setting up their home internet for work purposes.
Do you think hybrid work arrangements would be a common feature of the workplaces going forward?
Trending
-
Google Extends Work From Home; Mulls Over 'Flexible Work Week'
-
Ola to Set up First Factory in Tamil Nadu; Create 10,000 jobs
-
Aon to Invest $30 Million and Create 10,000 Apprenticeships by 2030
-
Urban Company Announces Unlimited Mental Health Leave Policy
-
G Suite Rebranded As Google Workspace
-
Tech Mahindra Launches ‘Gift a Career’ Initiative for Upskilling of Youth
-
NASSCOM, Deakin Varsity Offer Courses for IT-BPM Industry Workforce
-
40% Women Prefer Flexible Working Options in Post-COVID World: Survey
-
Ecom Express to Hire 30000 Employees This Festive Season
-
DB Schenker Names Katharina Rath as New CHRO
-
No Layoffs, Salary Cuts to Be Reviewed in January: Vistara CEO
-
Hiring in India climbs up 35% from April-June
-
OYO announces employee wellbeing and work-life-balance initiatives
-
TCS launches return-to-work solution
-
3 out of 4 companies believe they can effectively hire employees virtually: Report
-
Wipro collaborates with Intel to launch digital workspace solution
-
Capgemini to reskill 50,000 employees in India
-
Cognizant ropes in Jan Siegmund as CFO
-
Niyo announces salary hikes, bonuses, ESOPs
-
Vodafone , CGI and NASSCOM Foundation launch digital skills platform
-
Odisha: Bank, postal employees to deliver cash for elderly, differently-abled persons
-
Skill India launches AI-based digital platform for "Skilled Workforce"
-
Hiring activity declines 6.73% in first quarter: Survey
-
NetCom Learning appoints Subir Sinha as Director-HR
-
70% startups impacted by COVID-19 pandemic
-
Omega Healthcare ropes in "Kannan Sugantharaman" as CFO
-
Bajaj Allianz Life ropes in Santanu Banerjee as CHRO
-
Over 70 Percent MSMEs look at cutting jobs to sustain businesses
-
Snapdeal onboards counselling experts to help employees
-
93 Per Cent employees stressed about returning to office post-lockdown
-
Johnson & Johnson India announces family benefits for same gender partners
-
Indian firms turning friendly towards working mothers
-
Welspun India names Rajendra Mehta as new CHRO
-
COVID-19 impact: 61 Per cent Indians suffering from mental health issues during lockdown
-
93 Percent employees stressed about returning to office post-lockdown
-
Wipro partners with NASSCOM to launch Future Skills platform
Human Capital is niche media organisation for HR and Corporate. Our aim is to create an outstanding user experience for all our clients, readers, employers and employees through inspiring, industry-leading content pieces in the form of case studies, analysis, expert reports, authored articles and blogs. We cover topics such as talent acquisition, learning and development, diversity and inclusion, leadership, compensation, recruitment and many more.
Subscribe Now
Comment